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REGISTERED NUMBER: 07326823 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

HAPPY FUTURES SUPPORT SPECIALISTS LTD

HAPPY FUTURES SUPPORT SPECIALISTS LTD (REGISTERED NUMBER: 07326823)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HAPPY FUTURES SUPPORT SPECIALISTS LTD

COMPANY INFORMATION
for the year ended 31 July 2023







DIRECTOR: Mrs A M Fletcher





REGISTERED OFFICE: St Andrews House
11 Dalton Court
Commercial Road
Darwen
Lancashire
BB3 0DG





REGISTERED NUMBER: 07326823 (England and Wales)





ACCOUNTANTS: Hayes & Co
Chartered Accountants
St Andrews House
11 Dalton Ct,Commercial Rd
Blackburn Interchange
Darwen
Lancashire
BB3 0DG

HAPPY FUTURES SUPPORT SPECIALISTS LTD (REGISTERED NUMBER: 07326823)

BALANCE SHEET
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 123,998 141,760
Investment property 5 931,334 -
1,055,332 141,760

CURRENT ASSETS
Debtors 6 1,848,253 1,597,634
Cash at bank and in hand 18,836 264,197
1,867,089 1,861,831
CREDITORS
Amounts falling due within one year 7 556,998 561,918
NET CURRENT ASSETS 1,310,091 1,299,913
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,365,423

1,441,673

CREDITORS
Amounts falling due after more than one
year

8

(575,695

)

-

PROVISIONS FOR LIABILITIES (6,161 ) (11,257 )
NET ASSETS 1,783,567 1,430,416

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,783,467 1,430,316
1,783,567 1,430,416

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HAPPY FUTURES SUPPORT SPECIALISTS LTD (REGISTERED NUMBER: 07326823)

BALANCE SHEET - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2024 and were signed by:





Mrs A M Fletcher - Director


HAPPY FUTURES SUPPORT SPECIALISTS LTD (REGISTERED NUMBER: 07326823)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2023

1. STATUTORY INFORMATION

Happy Future Support Specialists Ltd is a private company limited by shares incorporated in England and Wales. The registered number is 07326823 and the registered office is St Andrews House, 11 Dalton Court, Commercial Road, Darwen, Lancashire, BB3 0DG.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland (' frs 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Significant judgements and estimates
In the application of the company's accounting polices, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience that the director has and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Turnover
Turnover represents services provided and is recognised at the point when the services are provided and accepted by the client.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on cost, 33% on cost, 25% on cost and 25% on reducing balance

Fixed assets are initially recorded at cost.

Investment property
Investment properties are initially recorded at cost plus costs of acquisition.

Any future increase or decrease in fair value, less the deferred taxation on the increase are show in a separate non distributable reserve.

HAPPY FUTURES SUPPORT SPECIALISTS LTD (REGISTERED NUMBER: 07326823)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of section 11 ' Basic Financial Instruments' and section 12 'Other Financial Instruments' of FRS 102 to all of its financial instruments.

Financial Instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade receivable, cash and bank balances and loans to fellow group companies are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

The company has no financial instruments that are classified as other financial assets.

Impairment of financial assets

Financial assets, other than those held at fair value through the income statement, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result if one or more events that occurred after the initial recognition of the financial assets, the estimated future cash flows have been affected. If an assets is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


HAPPY FUTURES SUPPORT SPECIALISTS LTD (REGISTERED NUMBER: 07326823)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

The company has no financial instruments that are classified as other financial liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all the timing differences,unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank.

Employee benefits
The costs of short- term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 132 (2022 - 114 ) .

HAPPY FUTURES SUPPORT SPECIALISTS LTD (REGISTERED NUMBER: 07326823)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 375,414
Additions 41,036
At 31 July 2023 416,450
DEPRECIATION
At 1 August 2022 233,654
Charge for year 58,798
At 31 July 2023 292,452
NET BOOK VALUE
At 31 July 2023 123,998
At 31 July 2022 141,760

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 931,334
At 31 July 2023 931,334
NET BOOK VALUE
At 31 July 2023 931,334

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 533,036 582,471
Other debtors 1,315,217 1,015,163
1,848,253 1,597,634

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 87,081 43,788
Trade creditors 1 -
Taxation and social security 384,716 258,930
Other creditors 85,200 259,200
556,998 561,918

HAPPY FUTURES SUPPORT SPECIALISTS LTD (REGISTERED NUMBER: 07326823)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 575,695 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 227,371 -

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs A M Fletcher.